Can we have NFT security and fraud protection on SmartBCH?

A consistent downward trend is emerging in the NFT space which seems to be responsible for the recent drop in demand for non-fungible tokens on the most popular NFT marketplace. The incidence of fraud, stolen or copied NFT Artwork, is spreading throughout the NFT ecosystem.

OpenSea, a popular NFT marketplace on the Ethereum blockchain, has lately been attacked for allowing non-fungible tokens (NFTs) that were either copied or stolen to be traded on the platform. OpenSea has announced the development of a unique technology that will automatically prevent suspected NFT from being seen on the market as the frequency of NFT fraud increases. Scamming and bogus projects on the site will be hidden to protect users and investors.

According to an OpenSea blog post published last week, the new functionality would automatically hide any suspicious NFT listings to address the platform's key safety and trustworthiness concerns. According to the blog post, the marketplace will spend extensively to improve security and trust in numerous important areas, including theft prevention, moderation and scaling review, and intellectual property violation.

In order to handle moderation and review, OpenSea has formed an exclusive moderating committee. Concerns about copyrights and other types of fraud will be addressed by the platform, which will employ a number of technologies to detect any scam-based items or unsolicited marketing via public blockchain networks.

Looking at it critically, it will be right to have such a service and provide it on the SmartBCH network, which does not allow fraud or copied artwork or NFTs on the marketplace. SmartBCH NFT ecosystem has grown very fast over the months since its release with nearly over 100 different NFT projects. It is clear that most of this NFT artwork is not original but rather copied from other smart contracts, NFT apps, or websites. This makes the market a danger for investors and the ecosystem in general, as NFTs are meant to act as money substitutes and could lead to litigation.

The necessity of a secure NFT ecosystem will be a double-edged sword for NFTs, as the technology could be used for scaling the SmartBCH economy and at the same time giving value to artists and investors. However, the implementation of such technology rests on NFT marketplaces' owners if they care about dealing with this problem early on the platform. As the NFT marketplaces and SmartBCH NFT ecosystem develop, it would be advisable for users to stick to the platforms with original NFT artwork and the best security.

Implementing such security and fraud auto-detector fracture on One of the SmartBCH NFT marketplace will no doubt create value for the platforms and the NFTs listed on the marketplace. Oasis as a leading NFT marketplace on the SmartBCH network could lead in the implementation of a design, where project owners will need to sign an auto-detector transaction to have their project codes scanned for originality before it is included in the marketplace. This design would help reduce the chances of fraudulent or copied NFTs projects on a SmartBCH NFT ecosystem.

Together with the solutions adopted by Oasis NFT marketplace, SmartBCH NFT network will hopefully have a solid NFT ecosystem to back it for the long run and compete with other chains' NFT ecosystems. With NFT marketplaces and SmartBCH network coming up together, it is evident that the SmartBCH NFT ecosystem will gain traction in the future.

Originality and uniqueness of NFT artwork are paramount to having a great NFT market. Using the NFT marketplaces and smart contracts on the Blockchain, NFTs and other digital currency innovations will be seen as having a real-life value in the future. With NFT marketplaces that use cutting-edge technology like what Opensea is implementing, NFT creators and investors will have more reasons to use the chain for the best security and value for investment.

I think this is something interesting enough for NFT marketplace operators on SmartBCH network to look into. Investors need value for their money and value from trading which only original NFTs artwork can provide. Being the first NFT marketplace of its kind on SmartBCH network, Oasis could offer a unique opportunity for the SmartBCH chain to become a home for Original NFT artwork.